# In the matter of Triumph India Software Services Pvt. Ltd. CP (IB) No. 156-BB-2017

> NCLT judgment dated 2018-04-05. Citation: TCN-2018-NCLT-01595. The case involves a company petition filed by M/s. Triumph India Software Services Private…

- **Court:** NCLT
- **Order date:** 5 Apr 2018
- **Citation:** TCN-2018-NCLT-01595
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/triumph-india-software-services-pvt-ltd-cp-ib-no-156-bb-2017-af8ad476

## Summary

### Background

The case involves a company petition filed by M/s. Triumph India Software Services Private Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The corporate applicant states it was incorporated on March 1, 1991, with its registered office in Bangalore. The authorized share capital is Rs. 2,50,00,000, and the paid-up capital is Rs. 1,83,55,530. The corporate debtor is in default since 2007-08, with a total due of Rs. 13,59,88,797, including operational, financial, and statutory dues. The corporate applicant has two immovable properties mortgaged and movable property hypothecated.

## Facts

M/s. Triumph India Software Services Private Limited filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP. The company was incorporated on March 1, 1991, with its registered office in Bangalore. The authorized share capital is Rs. 2,50,00,000, and the paid-up capital is Rs. 1,83,55,530. The company has been in default since 2007-08, owing a total of Rs. 13,59,88,797, comprising operational, financial, and statutory dues. The company has mortgaged two immovable properties and hypothecated movable property. Corporation Bank, a financial creditor, opposed the petition, stating that the company filed it to delay or escape recovery proceedings under the SARFAESI Act. The corporate debtor had availed an overdraft loan of Rs. 100

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## Issues and analysis

### Issue 1: Whether the application filed by the corporate applicant is complete as per the requirements of …

**Ratio:** The Adjudicating Authority must determine if the application is complete and if the

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**Reasoning:** The Tribunal relied on the decision of the Hon'ble NCLAT, which stated that the

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**Interpretation:** Section 10 of the Insolvency & Bankruptcy Code outlines the requirements

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**Application:** The Tribunal found that the application was complete and that the corporate

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## Parties

- **Judges:** Ratakonda…; Ashok Kumar…; +1 more
- **Respondents:** Triumph India…

## Timeline

- **1991-03-01 — Incorporation of…**: M/s. Triumph India Software Services…
- **2017-11-15 — Board Me…**: Board of Directors of the Corporate applicant in their meeting held on 15th November,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 11 — Persons not entitled to make application](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-11)

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